"Our future could be one in which continued tumult feeds the looting of the financial system, and we talk more and more about exactly how our oligarchs became bandits and how the economy just can’t seem to get into gear. Recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time."
Simon Johnson, The Quiet Coup, May 2009
"Why do the nations rage
and their peoples utter folly?
The kings of the earth rise up,
and the princes conspire together
against the Lord and against his anointed."
Psalm 2
"It may be true that the law cannot change the heart, but it can restrain the heartless."
Martin Luther King
The big tickle today was the price of oil, specifically West Texas Intermediate Crude.
People were getting exercised by the deeply negative print on the May futures contract in the negative $30's range. lol
Deflation, OMG!! We're doomed!
The contract front month is rolling over from May to June, and those trying to unload and/or roll the May contracts are getting skinned alive, because no one wants to take delivery of oil. There is a glut and storage is at a premium.
The June contract is around $21, which while still low by recent history, is still reflective of the intra-OPEC+ price war and the glut of oil because of the slack demand for oil products because of the virus lockdowns.
Stocks went out on the lows of the day, despite an intraday jam into the green and a lower opening.
Gold and silver were up a bit, as VIX also climbed back a bit.
Have a pleasant evening.
